Bima Labs, a pioneering developer of Bitcoin-backed stablecoins, has announced the completion of its seed fundraising round, raising over $2.25 million. The funding round was led by Portal Ventures and saw participation from notable investors including Draper Goren Blockchain, Sats Ventures, and Luxor Technology, among others.
Bima Labs is innovating in the stablecoin sector with its universal stablecoin, USBD, which is backed by restaked Bitcoin and designed to be chain-agnostic. This platform allows users to stake their Bitcoin as collateral and mint USBD, a versatile stablecoin that can be used for lending, borrowing, swapping, and as credit against staked Bitcoin. The USBD operates across multiple blockchains, accepting collateral from a wide array of sources including EVMs, Bitcoin L2s, Solana, and more.
With comprehensive integration with established Web2 payment systems, USBD aims to bridge the gap between traditional finance and decentralized finance. Users can optimize their returns through a variety of vaults that fit different market strategies. Bima Labs has also launched a testnet for users to experiment with the platform and earn rewards.
The protocol offers two tokens: the stablecoin USBD and a governance token, BIMA. Stakers of the BIMA token will earn fees from the protocol, enhancing both security and efficiency through advanced restaking protocols.
The CEO of Bima Labs expressed excitement about the support from investors, highlighting the potential of USBD to create new credit, debt, and hybrid use cases globally. The founder, who has a rich background in Web3 and venture investing, emphasized the platform's readiness to handle significant liquidity with $200 billion in active liquidity available for Bitcoin.
Positioned to capture a substantial share of the growing $150 billion stablecoin market, Bima Labs is committed to advancing Bitcoin-backed stablecoins and creating a stable, secure financial ecosystem. This development marks a significant step towards bridging traditional and decentralized finance, offering users unparalleled opportunities for growth and innovation.
